AFC Energy Expands Partnership With ABB, Raises GBP35 Million

By Jaime Llinares Taboada

AFC Energy PLC said Friday that it is expanding its partnership with ABB Schweiz AG and that it has agreed on a 35 million pound ($48.2 million) fundraising.

AFC, which provides hydrogen power technologies, said ABB will invest GBP3.2 million in AFC. In addition, both companies have agreed to expand its partnership to include the global data centre market.

"Embarking on this new collaboration with AFC Energy opens the possibility to integrate its impressive fuel cell technology with ABB's strong data centre solutions," Brian Johnson, global data center leader at ABB, said.

AFC said it also raised GBP1.5 million from Dutco and GBP30.2 million from institutional investors. The issue price for the fundraising is 64.5 pence, representing a 5% discount to the 68 pence close Thursday.

AFC said the funds will be used to support the development of AFC's and ABB's high-power electric-vehicle charging products. The money will also be put toward developing new power products utilizing AFC's alkaline fuel cell technology including the global data-center market, and the development of the company's scalable manufacturing capacity, it said.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

April 16, 2021 02:42 ET (06:42 GMT)

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